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The Growth of FinTech in Hong Kong Patricia Yeung, Senior Manager of FinTech, Invest Hong Kong © 2018 Calastone Limited

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Page 1: The Growth of FinTech in Hong Kong - Calastone · Fintech Journey Jul14 First FinTech Accelerator Nov14 INVESTHK StartmeUp Hong Kong FinTechDay Feb15 Government Budget Speech 4 Liaison

The Growth of FinTech in Hong KongPatricia Yeung, Senior Manager of FinTech, Invest Hong Kong

© 2018 Calastone Limited

Page 2: The Growth of FinTech in Hong Kong - Calastone · Fintech Journey Jul14 First FinTech Accelerator Nov14 INVESTHK StartmeUp Hong Kong FinTechDay Feb15 Government Budget Speech 4 Liaison

Asia’s Largest Financial Center and Gateway to China

Q2 2018

Hong Kong

Calastone Conference 2018

Page 3: The Growth of FinTech in Hong Kong - Calastone · Fintech Journey Jul14 First FinTech Accelerator Nov14 INVESTHK StartmeUp Hong Kong FinTechDay Feb15 Government Budget Speech 4 Liaison

17.7%of

HKG GDP

6.7%of

workforce

12%of

export

Fundamentals of financials services

in HK economy

Page 4: The Growth of FinTech in Hong Kong - Calastone · Fintech Journey Jul14 First FinTech Accelerator Nov14 INVESTHK StartmeUp Hong Kong FinTechDay Feb15 Government Budget Speech 4 Liaison

Fundamentals

• Global Financial Center

• #1 Asset Management hub in Asia. Fund management business USD1.6Tr - 2016

• Offshore RMB CenterRMB trade settlement handled by HK banks : RMB 4.4 Tr – 2017

• #1 insurance hub in Asia159 authorized insurers. #1 Asia #2 Globally - Insurance density (premium / capita) USD7.679 – 2016

• #1 most competitive economyIMD 2017

• China In / Outbound Gateway

• FinServ Renovation

- evolution

• 157 Licensed Banks

• 2.9% unemployment rate

• Regional Connectivity– Greater Bay

– One Belt One Road initiatives

Page 5: The Growth of FinTech in Hong Kong - Calastone · Fintech Journey Jul14 First FinTech Accelerator Nov14 INVESTHK StartmeUp Hong Kong FinTechDay Feb15 Government Budget Speech 4 Liaison

Fintech Journey

Jul 14

First FinTechAccelerator

Nov 14

INVESTHK StartmeUpHong Kong FinTech Day

Feb 15

Government

Budget Speech

4 Liaison Offices

2016

HKMASandboxSVFLicensesSFC - cross border accopening

HK Fintech weekCyberport 4000m2

Fintech space

2018 +

Belt & Road Initiative

Faster Payment System

VirtualBank license

Cross border Fintech week

Trade Finance Blockchain

Standardized QRcode

2017

Fintech Association

3 Sandboxes

Greater Bay Area

2014 2015 2016 2017 2018

An organic FinTech ecosystemPrivate sector led

Supported by Government

Page 6: The Growth of FinTech in Hong Kong - Calastone · Fintech Journey Jul14 First FinTech Accelerator Nov14 INVESTHK StartmeUp Hong Kong FinTechDay Feb15 Government Budget Speech 4 Liaison

Growth

150+

FinTech

Start-ups

200+

FinTech Events

3

Sandboxes

4

liaison offices

2

FinTech

Poles of excellence

5

FinTech

Accelerators

Big 4 consulting

FinTech

leadership in HK

Belt & Road

Blockchain

consortium

FinTech

universities

Programs

Page 7: The Growth of FinTech in Hong Kong - Calastone · Fintech Journey Jul14 First FinTech Accelerator Nov14 INVESTHK StartmeUp Hong Kong FinTechDay Feb15 Government Budget Speech 4 Liaison

Government Initiatives

• FinTech in Hong Kong is private sector led +

• Government supports the sector via :

• FSTB Fintech Coordination Group and initiatives

• HKMA Fintech Facilitation Office & SFC FinTech Contact Point –

Poles of excellence

• InvestHK hosts HK FinTech Week + Fintech Finals networking events series

• Government FinTech R&D funding schemes / FinTech Labs

Page 8: The Growth of FinTech in Hong Kong - Calastone · Fintech Journey Jul14 First FinTech Accelerator Nov14 INVESTHK StartmeUp Hong Kong FinTechDay Feb15 Government Budget Speech 4 Liaison

Government Supports examples :

• Tech vouchers Scheme: HKD 200,000 for Hong Kong non-listed enterprises of all sizes to

upgrade their business

• Internships Scheme (For Cyberport and HKSTP’s incubatees & Tenant): Employ a local

graduate and receive up to HKD19K/month for maximum 2 years to support your R&D efforts.

• R&D : Up to HKD 10,000,000 support by HK government for R&D projects

• Investment : HKD 2 billion fund for co-investing in start-ups

• Talents : Training financial services professionals – max. HKD7,000 per head

• Innovations : HKMA sandbox with banks, R&D supports

Page 9: The Growth of FinTech in Hong Kong - Calastone · Fintech Journey Jul14 First FinTech Accelerator Nov14 INVESTHK StartmeUp Hong Kong FinTechDay Feb15 Government Budget Speech 4 Liaison

FinTech Sectors Priorities

Cyber Security

RegTech

WealthTech

BlockChain

InsurTech

CrediTech

Page 10: The Growth of FinTech in Hong Kong - Calastone · Fintech Journey Jul14 First FinTech Accelerator Nov14 INVESTHK StartmeUp Hong Kong FinTechDay Feb15 Government Budget Speech 4 Liaison

sandboxes.hk

• Faster Payment System (FPS)• Sandbox 2.0 • Fintech chatroom / Startup

access / interconnected SFC & IA

• Promotion of Virtual Banking

• Banking Made Easy initiative• API & Banks• Closer cross-border

Collaboration• Talent development

• Open to licensees and Start-ups

• Representative officer relevant industry experience.

• Interconnected HKMA & IA• Customer protection• Close monitoring• Exit strategy• Potentials : eKYC,

Cybersecurity, Blockchain.

• InsurTech Sandbox• Fast track for digital

distribution channels• InsurTech Facilitation

Team• on Embracing Fintech

Working Group• Potentials : eKYC,

Cybersecurity, Blockchain, A.I.

Page 11: The Growth of FinTech in Hong Kong - Calastone · Fintech Journey Jul14 First FinTech Accelerator Nov14 INVESTHK StartmeUp Hong Kong FinTechDay Feb15 Government Budget Speech 4 Liaison

Greater Bay FinTech

A unique FinTech business pipeline

Big Bay Area: GDP US$1,328bn

Page 12: The Growth of FinTech in Hong Kong - Calastone · Fintech Journey Jul14 First FinTech Accelerator Nov14 INVESTHK StartmeUp Hong Kong FinTechDay Feb15 Government Budget Speech 4 Liaison

A unique FinTech business pipeline

The Belt and Road Initiatives

65 CountriesAround 3 billion Population

Page 13: The Growth of FinTech in Hong Kong - Calastone · Fintech Journey Jul14 First FinTech Accelerator Nov14 INVESTHK StartmeUp Hong Kong FinTechDay Feb15 Government Budget Speech 4 Liaison

Services of InvestHK

Free & confidential services :

1. Bank accounts - Working visas - Office space - Schooling

2. Introduction to regulators : SFC, HKMA, Insurance Authority

3. Introductions to HK innovation centers :

ASTRI / Cyberport / Science Park / Lok Ma Chau Loop

4. Networking opportunities

5. Business introductions

6. Government support schemes guidance

Page 14: The Growth of FinTech in Hong Kong - Calastone · Fintech Journey Jul14 First FinTech Accelerator Nov14 INVESTHK StartmeUp Hong Kong FinTechDay Feb15 Government Budget Speech 4 Liaison

Fintech Week 2018

www.fintechweek.hk

Page 15: The Growth of FinTech in Hong Kong - Calastone · Fintech Journey Jul14 First FinTech Accelerator Nov14 INVESTHK StartmeUp Hong Kong FinTechDay Feb15 Government Budget Speech 4 Liaison

Contact Us

Get in Touch Newsletter & Social Media

hongkong-

fintech.hk

@HongKongFinTech

APAC: Patricia YeungSenior Manager of Fintech, Hong Kong

[email protected]

Europe : Thorsten TerweidenDeputy Head (Fintech), London

[email protected]

Americas: Michal KaczmarskiSenior Manager of Fintech, San Francisco

[email protected]

Thank you!